Shtern Group Review - is it scam or safe?

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Trading Accounts & Conditions

Account type

Min.Deposit

Max. leverage

Spread

Basic

$250

N/A

N/A

Silver

$1 000

N/A

N/A

Gold

$5 000

N/A

N/A

Platinum

$10 000

N/A

N/A

Diamond

$50 000

N/A

N/A

Shtern Group claims to be a Malta-based brokerage and offers its clients trading the financial markets via the above account types. In case you are wondering whether to invest in this broker, read this review prior to investing any money.

Shtern Group Advantages

Solid choice of financial instruments

Shtern Group appears to be offering wide range of financial products for trade including forex, CFDs and binary options. A lot of asset classes are covered – currency pairs, indices, commodities, shares, and more.

This is the only possible advantage of Shtern Group we could think of.

Shtern Group Disadvantages

Not licensed, blacklisted by several regulators

As we mentioned in the beginning, Shtern Group claims to be based in Malta. However, according the Terms and Conditions uploaded on its website, the broker is operated by EUROPEAN SOFT LTD., a company with registered address in the UK. In any case, Shtern Group is not regulated in Malta, nor in the UK or anywhere else.

In its warning the MFSA stated that it has become aware of an entity operating under the name of Shtern Group, which is not authorized to provide financial services in the country. Furthermore, information available to the MFSA suggests that Shtern Group is likely to be a scheme of dubious nature with a high risk of loss of money.

The FSMA also alerted that this forex and CFD provider is not allowed to provide banking and/or investment services in or from Belgium and advised against transferring any money to Shtern Group.

Click to zoom in.

The Nova Scotia Securities Commission (NSSC) announced that the company Shtern Group is not registered to sell securities in Nova Scotia. Based on information the regulator holds, the broker cold-calls local investors, urging them to invest in binary options and it appears that many have lost money as a result.

Considering the above, you’d better stay away from Shtern Group, as it appears to be one of the many scam brokers on the financial markets.

Trading conditions not specified, no demo accounts

Essential trading conditions are not specified on the broker’s website, which is another red flag regarding Shtern group. Potential clients are not informed of the spreads for forex trading, nor of the payouts on binary options, the maximum leverage, etc.

On top of that, the broker does not offer free demo accounts

MT4 not available

We couldn’t register an account with this broker and test its platform, but judging by the images on Shtern Group’s website, it supports a hybrid web-based platform, used for both trading in forex and binary options.

Actually, the platform itself is not unknown to us – we have reviewed a number of brokers who offer it. All of them are unregulated and shady, so we dubbed this platform “scamex”.

Conclusion

Shtern Group does not seem like a good choice of a brokerage. It has not presented well its offer, and uses some unproven platform instead of the MT4. What is worse, the broker is not regulated and has been blacklisted by several financial governmental agencies. To cut things short, Shtern Group is probably a scam broker and if you invest with it, you will lose all your money.

In order to avoid unpleasant situations like this, always chose among trustworthy and well-regulated brokers. Such companies are controlled by the respective governmental agencies and have to comply with a number of rules, thus protecting the funds and interests of their clients.

FXTM a regulated forex broker (regulated by CySEC, FCA and IFSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $5 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.
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